Analysis of the EU Four VAT “Quick Fixes”, cross-border VAT changes, coming into force in January 2020.
Few businesses in the food sector are as aware as they should be about the upcoming EU Four VAT ‘Quick Fixes’, writes Alex Smith.
They are going to come into force in January 2020 and will have a significant impact on food businesses that trade cross-border.
To this end, the ‘Quick Fixes’ are intended to modernise the VAT system. Above all, they are designed as a temporary measure prior to the more substantive, permanent changes due to be established in July 2022. These will fundamentally change cross-border VAT.
However, there is a question as to whether they will make VAT Compliance easier. Although they are intended to streamline and harmonise the VAT system, significant changes to accounting practice can rarely occur without some implementation issues.
The main areas to be affected by the ‘Quick Fixes’ will be…